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how_to_start_up_a_startup [2018/12/28 08:31] admin |
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====== How to start up a Startup ====== | ====== How to start up a Startup ====== | ||
- | Most reporting of startups is all about the self-promotion of individuals (e.g. [[https://www.bbc.co.uk/programmes/p06qtvzf/episodes/player|The Distrupters]]) and ignores [[wp>Survivorship Bias]]. This guide is all about what doesn't make the press, but is just as important. Or, on other words, never mind the luck, here is the science bit. | + | This is all about the practical details of getting a startup off the ground. It's a personal view based on experience, many things are easy when you've done them a few times but can catch you out first time. |
Practice having good ideas: | Practice having good ideas: | ||
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* What is the company going to do? | * What is the company going to do? | ||
* Who are the competitors? | * Who are the competitors? | ||
- | * What is it unique? | + | * Why is it unique? |
* How is it going to be successful? | * How is it going to be successful? | ||
* Draft a quick business plan so that you have a story to tell others | * Draft a quick business plan so that you have a story to tell others | ||
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* How much you care about giving your investors a decent return? | * How much you care about giving your investors a decent return? | ||
* Learn the basics of seed funding (not forgetting SEIS/EIS): | * Learn the basics of seed funding (not forgetting SEIS/EIS): | ||
- | * Look at [[https://www.seedrs.com/signup?promo_code=UKORPWV0|Seedrs]], [[ https://www.crowdcube.com|Crowdcube]] and the like | + | * Look at [[https://www.seedrs.com/signup?promo_code=UKORPWV0|Seedrs]], [[https://www.syndicateroom.com|SyndicateRoom]], [[ https://www.crowdcube.com|Crowdcube]] and the like |
+ | * Get to know the site | ||
+ | * Get to know what makes a strong pitch | ||
+ | * Get to know common themes (apps, chips, bikes, etc) | ||
+ | * Invest small amounts over years | ||
* Look at grants (e.g. SMART grants from Innovate UK) | * Look at grants (e.g. SMART grants from Innovate UK) | ||
* Write a short, easily digestible business plan (if your idea is good it will be rapidly out of date) | * Write a short, easily digestible business plan (if your idea is good it will be rapidly out of date) | ||
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Things to remember/read: | Things to remember/read: | ||
- | * People are a pain, more people means more pain. You may think you are starting a tech company, you're not, it'll all be people management. The larger you are the harder it is to innovate, so get the foundations right before you scale the people. | + | * It will be a rollercoaster, scary and exhilarating. "If everything seems under control, you're not going fast enough." |
+ | * Managing people is a huge overhead. You may think you are starting a tech company, you're not, it'll all be people management. The larger you are the harder it is to innovate, so get the foundations right before you scale the people. | ||
* [[https://venturebeat.com/2011/03/15/reid-hoffman-10-rules-of-entrepreneurship|Reid Hoffman’s 10 rules of entrepreneurship]] | * [[https://venturebeat.com/2011/03/15/reid-hoffman-10-rules-of-entrepreneurship|Reid Hoffman’s 10 rules of entrepreneurship]] | ||
* [[https://realbusiness.co.uk/mike-lynch-autonomy-founder-dont-do-things-properly|Don't do things properly]] | * [[https://realbusiness.co.uk/mike-lynch-autonomy-founder-dont-do-things-properly|Don't do things properly]] |